Annual report 2012

9. Finance income and costs

EUR thousand  2012 2011
Dividend income 4,175 9,343
Dividend income 15,870 19,586
Change in fair value of derivative financial instruments 139 0
Other finance income 2,400 3,230
Total finance income 22,584 32,159
Bonds issued 15,124 15,122
Interest expense 2,951 4,745
Interest expense 23 76
Change in fair value of derivative financial instruments 0 110
Impairment of available-for-sale financial assets 422 1,317
Impairment of investments in subsidiaries 5,932 43,326
Impairment of loans 8,393 0
Other finance costs 359 210
Total finance costs 33,204 64,906
Financial result -10,620 -32,747

In the second half of 2012, the Company assessed the fair values of investments in its subsidiaries Ipko Telecommunications, d. o. o., Primo Communications, d. o. o., One, d. o. o., Skopje and Digi Plus Multimedia DOOEL Skopje.

The Company impaired its investments in subsidiaries to the amount of the difference between the carrying amount and the recoverable amount of the investments and recognised the difference in profit or loss as revaluation financial expenses. Impairment loss was recognised in profit or loss as a revaluation financial expense. The amount of impairment of individual investments is disclosed in Note 13 Investments in subsidiaries, associates and joint ventures.


Net income/expenses from change in fair value of investments recognised in profit or loss

EUR thousand 2012 2011
Available-for-sale financial assets -422 -1,317
- income 0 0
- expenses for impairment -422 -1,317
     
Derivative financial instruments 139 -110
- revaluation income 675 1,163
- revaluation expenses -536 -1,273
Net income/expenses from change in fair value -283 -1,427


Finance income and costs from change in fair value of investments recognised directly in other comprehensive income

EUR thousand 2012 2011
Positive change in fair value of available-for-sale financial assets 405 -2,182
Negative change in fair value of available-for-sale financial assets -371 0
Deferred taxes -5 436
Total revaluation of available-for-sale financial assets 29 -1,746